Today, Freddie Mac and Fannie Mae (the GSEs) have published the Uniform Closing Dataset’s (UCD) MISMO-mapping document, Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model. The purpose of this document is to provide the industry with a common dataset to implement the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure.

The GSEs intend to collect the UCD from lenders in the future; however, we have not yet determined the method or timeline for our data collection. We will provide the industry more information on the GSE data collection method and timeline in the future. Additionally, if CFPB issues any future clarifications about the Integrated Mortgage Disclosures regulation that impacts the UCD, the UCD will be updated accordingly.

Please note that the MISMO Origination Workgroup developed a corresponding dataset for the CFPB’s Loan Estimate. The GSEs’ goal is for the UCD and Loan Estimate dataset to align on common information, and for both to leverage the MISMO v3.3 Reference Model. To access the Loan Estimate dataset, visit the MISMO.org website and sign up for the Origination Workgroup. The GSEs do not currently anticipate that we will be asking lenders to deliver the Loan Estimate dataset.

Next Steps for Lenders and Vendors

If you are a vendor involved in the mortgage closing process, including forms vendors, settlement firms, title companies, escrow agents, and loan origination software providers, please take the following steps:

Be sure to review Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model. Implementing the CFPB’s Closing Disclosure in accordance with the UCD may save you time and resources in the future.

Visit our UCD Web page and click on Vendor Contact Information to submit your company’s name, email address and industry role. In the months ahead, we’ll be sending you important updates, and information regarding tools and resources that may assist you when you begin your UCD implementation.

If you are a lender:

Talk with your closing vendors about the GSE requirement for lenders to deliver the UCD in the future. Discuss what this will mean for your joint processes and technologies. Once you have spoken with your vendor, there are no other specific actions for you to take at this time.

Be aware that we plan to collect the UCD in the future; you will need to collect the data according to the UCD format, and determine how to store the data.

If you plan to implement the UCD in-house, without the support of a technology vendor, you will need to contact your technology team and ensure that they review Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model and have a UCD implementation plan. Using the UCD to implement the CFPB’s Closing Disclosure could save you time and resources in the future.

Additional Resources

There are several industry organizations that can provide information and resources. Be sure to check out the following: